5. Gross rental income
Gross rental income can be broken down as follows:
2022 | 2021 | |
Theoretical rent | 369 | 360 |
Loss of rent | 6 | 13 |
Gross rental income | 363 | 347 |
The theoretical rent increased by €9 million to €369 million in 2022, mainly due to the annual rent increase and rent optimisation. The total number of units at the end of 2022 increased with 91 units, from 27.570 (2021) to 27.661 (2022). This is a result from inflow (two residential buildings), the portfolio sale of one residential building, and individual unit sales. The average monthly rent increased to €1,081 at year-end 2022, from €1,042 at year-end 2021.
The like-for-like rent increased 3.8% in 2022 (2021: 2.4%), while the loss of rent fell to 1.8% in 2022 (2021: 3.6%).
The contract termination rate decreased from 14.5% (2021) to 12.9% in 2022. Ultimo 2022 the vacancy has lowered again due to additional focus and efforts on relettings, and is back on pre COVID-19 levels. The occupancy rate (in units) declined slightly to 98.6% (2021: 98.8%). The vacancy is mainly temporary due to renovation projects.